Margin FIGURE 4. ELECTRICITY AND GDP GROWTH MARGIN (SOURCE: ESKOM) ... such as aluminium and ferrochrome smelters, resulting in electricity salesgrowth exceeding the growth in the GDP. Since the late 1990’s the financial services and transport and communication sectors (amongst others) have contributed significantly to GDP growth

leverage relative to the baseline, owing to the effects of higher GDP growth ... in the household subsector. Indeed, as illustrated in Figure 16, weaker economic growth rates ... nonfinancial sector by the end of the scenario, showing the effects of lower sales. Figure

at the industry-level salesgrowth on GDP growth. Lead time is measured as the average ratio ... input inventory growth rates on an inventory stock measure, expected salesgrowth, the real riskless interest rate, and a risk premia measure. Values reported are 2SLS ... and an inventory-sales ratio that includes both input and output inventories (ln((Mt−1 + Nt−1 )/Yt−1 )). The table also includes the “GDP goods sector ﬁgures